Jackspeed suspends shares after selling entire business

JACKSPEED Corporation, a leather trim manufacturer for car seats, has requested a share suspension with immediate effect in a filing on Monday before the market opened.

The suspension follows the company's sale of its entire business as a going concern, and all its assets and liabilities for S$48 million in cash to a special purpose vehicle incorporated and owned by executive deputy chairman and CEO Yap Kian Peng.

The disposal was completed on Jan 3 and the company has been deemed a cash company after ceasing to have any operating business.

According to the Singapore Exchange's listing rule, securities of a company whose assets consist entirely or substantially of cash or short-dated securities will normally be suspended, the company said in the regulatory filing.

Jackspeed shares last traded at S$0.131 on Jan 2, up 0.1 Singapore cent or 0.8 per cent.